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LEASES (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Lease Expense

Lease Expense

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

2022

 

 

2021

 

Operating lease costs

 

$

22

 

 

 

$

21

 

 

$

20

 

Financing lease costs

 

 

5

 

 

 

 

7

 

 

 

9

 

Total lease costs

 

$

27

 

 

 

$

28

 

 

$

29

 

Supplemental Cash Flow Information

Supplemental Cash Flow Information

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

2022

 

 

2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

22

 

 

 

$

21

 

 

$

19

 

Financing cash flows for financing leases(1)

 

$

6

 

 

 

$

8

 

 

$

11

 

ROU assets obtained in exchange for new (modified) lease liabilities:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

$

14

 

 

 

$

18

 

 

$

9

 

Financing leases

 

$

6

 

 

 

$

3

 

 

$

4

 

 

(1)
Interest expense related to financing leases was immaterial during 2023, 2022 and 2021.
Supplemental Balance Sheet Information Related to Leases

Supplemental Balance Sheet Information Related to Leases

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

 

 

 

 

 

 

 

 

 

DECEMBER 31,
 2023

 

 

DECEMBER 31,
 2022

 

LEASES

 

BALANCE SHEET CLASSIFICATION

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Operating lease ROU assets

 

Other assets

 

$

105

 

 

$

102

 

Financing lease ROU assets

 

Property and equipment, net

 

 

11

 

 

 

9

 

Total leased assets

 

 

 

$

116

 

 

$

111

 

Liabilities

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease liabilities

 

Accrued liabilities

 

$

15

 

 

$

17

 

Financing lease liabilities

 

Accrued liabilities

 

 

4

 

 

 

5

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease liabilities

 

Other liabilities

 

 

96

 

 

 

91

 

Financing lease liabilities

 

Other liabilities

 

 

7

 

 

 

5

 

Total lease liabilities

 

 

 

$

122

 

 

$

118

 

Weighted Average Remaining Lease Term

Weighted Average Remaining Lease Term

 

 

 

 

 

 

 

 

 

 

DECEMBER 31,
 2023

 

 

DECEMBER 31,
 2022

 

Operating leases

 

7 years

 

 

8 years

 

Financing leases

 

4 years

 

 

3 years

 

Weighted Average Discount Rate

 

 

 

 

 

 

 

 

 

 

 

 

DECEMBER 31,
 2023

 

 

 

DECEMBER 31,
 2022

 

 

Operating leases

 

 

4.2

%

 

 

 

3.9

%

 

Financing leases

 

 

4.8

%

 

 

 

2.9

%

 

Schedule of Maturities of Operating and Finance Leases Liabilities

Maturities of Lease Liabilities as of December 31, 2023

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

 

 

 

 

 

OPERATING
LEASES

 

 

FINANCING
LEASES

 

2024

 

$

20

 

 

$

4

 

2025

 

 

19

 

 

 

3

 

2026

 

 

19

 

 

 

2

 

2027

 

 

16

 

 

 

2

 

2028

 

 

14

 

 

 

1

 

Thereafter

 

 

41

 

 

 

 

Total lease payments

 

 

129

 

 

 

12

 

Less: interest

 

 

(18

)

 

 

(1

)

Total present value of lease liabilities

 

$

111

 

 

$

11